By the second half of the 20th century, as cheque processing became automated, billions of cheques were issued annually these volumes peaked in or around the early 1990s. The drawer writes various details including the monetary amount, date, and a payee on the cheque, and signs it, ordering their bank, known as the drawee, to pay the amount of money stated to the payee.Īlthough forms of cheques have been in use since ancient times and at least since the 9th century, they became a highly popular non- cash method for making payments during the 20th century and usage of cheques peaked. The person writing the cheque, known as the drawer, has a transaction banking account (often called a current, cheque, chequing, checking, or share draft account) where the money is held. A cheque, or check ( American English see spelling differences), is a document that orders a bank (or credit union) to pay a specific amount of money from a person's account to the person in whose name the cheque has been issued.
